Lessen 401(k) match, vesting and fees
What Lessen's 401(k) plan says about matching contributions
The Employer may make discretionary matching contributions equal to a uniform percentage of an eligible employee’s salary deferrals, a percentage that is determined each year. The Employer may also make discretionary profit-sharing contributions in addition to the matching contributions. Once eligibility criteria are met, participants are automatically enrolled in the Plan with a default Pre-Tax contribution percentage of 3% unless they affirmatively elect otherwise. Effective January 1, 2025, participants are automatically enrolled in the Plan with a default Pre-Tax contribution percentage of 4% unless they affirmatively elect otherwise. The Employer elected to make a matching contribution equal to 50% of participant elective deferral contributions up to 8% of eligible compensation for the year ended December 31, 2024.
Quoted directly from the filing. Plan terms may have changed; check your current Summary Plan Description.
Plan features
Indented passages are quoted word for word from the audit report; plan terms may have changed since, so check your current Summary Plan Description.
| Employer match | Quoted from the filing above | Audit report, p. 28 ↗ |
| Match vesting | Vesting. Participants are immediately vested in their contributions plus actual earnings thereon. Vesting in Employer matching contributions and profit-sharing contributions is based upon years of continuous service. A participant is fully vested in these contributions after completion of four years of service. | Audit report, p. 28 ↗ |
| Automatic enrollment | Once eligibility criteria are met, participants are automatically enrolled in the Plan with a default Pre-Tax contribution percentage of 3% unless they affirmatively elect otherwise. Effective January 1, 2025, participants are automatically enrolled in the Plan with a default Pre-Tax contribution percentage of 4% unless they affirmatively elect otherwise. | Audit report, p. 28 ↗ |
| Roth contributions | Participants may elect to make Pre-Tax and Roth contributions of 85% of eligible annual compensation, as defined in the Plan, subject to maximum amounts established by the Internal Revenue Code (“IRC”). | Audit report, p. 28 ↗ |
| Loans | Participants may borrow from their Plan accounts up to $50,000 or 50% of their vested balance, whichever is less. A loan is secured by the balance in the participant’s account and bears interest at commercially reasonable rates, as determined by the Plan’s administrator (“Plan Administrator”) at the time of the loan. Loan payments are due at least quarterly through payroll deductions over a term not to exceed five years, unless loans are used for the purchase of a primary residence. | Audit report, p. 28 ↗ |
| Recordkeeper | Principal Life Insurance Company | Schedule C ↗ |
| Independent auditor | Fgmk, LLC (unmodified opinion, limited scope) | Schedule H ↗ |
| Plan type and status | 401(k) · Active | Form 5500 ↗ |
| Late participant contributions | Reported on the filing | Schedule H ↗ |
All rows are from the plan year 2024 filing; plan features from its audit report.
How the plan compares
Plan year 2024 medians for 277 defined-contribution plans in administrative, support and waste management services with 1,000 to 4,999 participants.
| Lessen: employer contribution per participant | $1,220 | |
| Peer median | $1,484 |
| Lessen: average balance | $28,877 | |
| Peer median | $40,329 |
| Lessen: admin expenses ÷ assets | 0.62% | |
| Peer median | 0.34% |
Admin expenses are the plan's reported administrative expenses divided by its assets; they do not include fund expense ratios.
Plan history
Plan assets went from $18.9M at the end of plan year 2021 to $40.1M at the end of plan year 2024.
| Plan year | Participants | Assets | Employer contributions | Per participant | Admin expense ratio | Match formula | Filing |
|---|---|---|---|---|---|---|---|
| 2024 | 1,400 | $40.1M | $1.7M | $1,220 | 0.62% | Quoted in the audit report, p. 28 ↗ | Form 5500 ↗ |
| 2023 | 1,481 | $26.7M | $1.6M | $1,222 | 0.68% | Not published | Form 5500 ↗ |
| 2022 | 1,395 | $20.2M | $1.6M | $1,203 | 0.74% | Not published | Form 5500 ↗ |
| 2021 | 1,268 | $18.9M | $523K | $418 | 0.80% | Not published | Form 5500 ↗ |
Common questions
Does Lessen match 401(k) contributions?
The audit report attached to the Lessen 401(k) Plan's plan year 2024 Form 5500, page 28 says: “The Employer may make discretionary matching contributions equal to a uniform percentage of an eligible employee’s salary deferrals, a percentage that is determined each year. The Employer may also make discretionary profit-sharing contributions in addition to the matching contributions. Once eligibility criteria are met, participants are automatically enrolled in the Plan with a default Pre-Tax contribution percentage of 3% unless they affirmatively elect otherwise. Effective January 1, 2025, participants are automatically enrolled in the Plan with a default Pre-Tax contribution percentage of 4% unless they affirmatively elect otherwise. The Employer elected to make a matching contribution equal to 50% of participant elective deferral contributions up to 8% of eligible compensation for the year ended December 31, 2024.” Plan terms may have changed; check your current Summary Plan Description.
When is the Lessen 401(k) match vested?
The audit report attached to the plan year 2024 Form 5500, page 28 says: “Vesting. Participants are immediately vested in their contributions plus actual earnings thereon. Vesting in Employer matching contributions and profit-sharing contributions is based upon years of continuous service. A participant is fully vested in these contributions after completion of four years of service.”
Who manages the Lessen 401(k)?
The recordkeeper listed on Schedule C of the plan year 2024 filing is Principal Life Insurance Company. The plan administrator is Lessen LLC.
I left Lessen. How do I find my old 401(k)?
Your account stays in the plan until you move it. Contact the plan administrator (Lessen LLC, (312) 273-6539) or the recordkeeper, Principal Life Insurance Company. The Lessen old 401(k) page lists the contacts from every plan filing. Find an old Lessen 401(k)
Data from the public Form 5500 annual reports Lessen filed with the U.S. Department of Labor (plan years 2021 and 2022 and 2023 and 2024) and, where noted, the attached independent auditor's report. Plan terms may have changed since the filing; check your current Summary Plan Description. PlanFacts is not affiliated with Lessen. Not financial advice. Report a correction · Methodology